On Thursday the S&P/ASX 200 Index (ASX: XJO) was on form again and stormed higher. The benchmark index rose 0.4% to 6,715.3 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to rise again.
The Australian share market looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% higher this morning. This follows a positive night of trade on Wall Street, which in late trade sees the Dow Jones up 0.2%, the S&P 500 up 0.1%, and the Nasdaq trading 0.3% higher.
Oil prices push higher.
It could be a good day for energy producers Beach Energy Limited (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$53.48 a barrel and the Brent crude oil price has risen 0.5% to US$56.35 a barrel. This was despite rising COVID cases in Europe and new lockdowns in China renewing concerns about global oil demand.
Gold price softens.
Gold miners such as Newcrest Mining Ltd (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price dropped lower. According to CNBC, the gold futures price is down 0.5% to US$1,847.60 an ounce. This appears to have been driven by a strengthening US dollar.
Iron ore price rises.
It could be a good day for mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) on Friday after the iron ore price pushed higher again. According to Metal Bulletin, the iron ore price has risen 1.3% to US$172.36 a tonne overnight. In late trade in the United States, the US listed shares of BHP and Rio Tinto are up 4.5% and 4%, respectively. Similar gains were made by their UK listed shares.
Whitehaven rated neutral.
The Whitehaven Coal Ltd (ASX: WHC) share price could be fully valued according to analysts at Goldman Sachs. The broker has responded to its "weaker than expected" December quarter update by retaining its neutral rating and $1.60 price target on the coal miner's shares. This compares to the current Whitehaven Coal share price of $1.81.
